Examlex
All of the following are characteristics of quality management EXCEPT ________.
Inefficient Allocation
When resources are not optimally distributed, leading to a situation where it is possible to improve at least one person's well-being without worsening any other's situation.
External Effects
Consequences of economic activities on unrelated third parties; can be positive (benefits) or negative (costs).
Knowledge Creation
The process through which new ideas, information, and understanding are generated, often leading to innovation and improvements in technology or methodology.
Public Good
A good that is non-excludable and non-rivalrous, meaning it can be used by many people simultaneously without reducing the amount available to others.
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